Deutsche Bank chief calls for relief on regulation and ‘rethink’ on tax

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Deutsche Bank chief executive Christian Sewing has said that German businesses need relief on regulation and a more competitive corporate tax regime to reboot growth in its flagging economy.

“We clearly need certain structural reforms,” Sewing told the Financial Times global banking summit in London on Wednesday. “We need to have absolutely some relief on the regulation and red tape. That is important.”

He added that Germany also needed to “rethink” its corporate tax regime, which he said was “not competitive”.

The comments from Sewing, who has led Germany’s largest lender since 2018, come ahead of a snap election in the country in February. Europe’s largest economy has suffered from stagnant growth since 2021, creating discontent with Chancellor Olaf Scholz’s three-way coalition.